The Illinois Gaming Control Board recently revealed that the state’s sportsbooks have recorded more than $1 billion in revenue in 2023. The news was revealed on the back of the board announcing $128.4 million in adjusted sports betting revenue for December, which allowed the Prairie State to reach $1 billion earned in operator winnings over 2023.
December was the second time in 2023 that Illinois recorded over $100 million in revenue. In October, the state set a new record for betting revenue with $112.7 million reported by the board. December’s revenue surpassed the record by posting $128.4 million for the month. Illinois sportsbooks surpassed the $1 billion mark by a relatively small margin — less than $2.3 million.
This puts Illinois in a small circle of states with gaming revenue exceeding $1 billion, including New York and New Jersey. The state’s hold came in at 9.8% in December, with the hold for the year ending at 8.6. This hold falls slightly off the mark set by the all-time hold low of 8.1%.
Here is more on Illinois sports betting revenue in 2023.
Illinois Crosses $30 Billion in Sports Betting Handle
In 2023, the state became only the fourth to surpass $30 billion in the all-time handle, alongside New York, New Jersey, and Nevada. Taking 44 months to reach the benchmark, Illinois has posted considerable growth throughout 2023. The $11.62 billion in betting handle for 2023 marks a 19.2% increase compared to the previous year.
Marcus Fruchter, administrator of the Illinois Gaming Control Board, announced a handle of $1.31 billion at the recently concluded board meeting, a slight dip from the $1.38 billion recorded in Nov. 2023. In December, the state collected nearly $19.3 million in tax, causing the yearly total to exceed $150 million.
Cook County collected more than $1.25 million in taxes for the month since it places an additional 2% levy on revenue from bets placed within its jurisdiction. The additional revenue accounted for more than $10.6 million earned for the county in 2023.
Parlay Wagers Dominate Illinois Sports Betting
Illinois is among only a few states that offer handle and revenue figures for parlay wagers. In Dec. 2023, parlay handle exceeded $500 million for the first time in the state’s history. For the year, the state recorded wagers worth $3.38 billion, more than twice the amount wagered on parlays in 2022 of $1.52 billion.
Parlay wagers have allowed operator winnings to balloon, as it doubled when compared to 2022. The $599 million in hold accounts for 17.7% of the total handle wagered in Illinois. FanDuel Sportsbook dominated the parlay betting segment, as it was able to gain $38.8 million in revenue with a 22.6% hold against a handle of $171.1 million.
FanDuel Sportsbook was close behind with a hold of 21.3%, allowing it to claim more than $291 million in revenue. DraftKings Sportsbook also outperformed its record by posting $244.8 million in handle. However, its hold was nowhere near its top two competitors, as it could only hold on to 12.4% of its handle, allowing for a collection of $30.2 million in revenue.
ESPN BET Makes Inroads in Illinois Sports Betting
The PENN Entertainment-backed rookie finished third among the state’s eight sports betting apps for traditional wagers. Its traditional handle clocked in at $96.5 million, while its parlay handle closed out at $26.4 million.
Compared to November, ESPN BET’s handle increased by a significant 19.1% as it captured 7.6% of the mobile betting market in the state. ESPN BET’s hold for the last two months was posted at 8.8%, giving the new sportsbook $15.6 million in revenue from a handle of $177.6 million.
With December’s financials in, it’s clear that sports wagering in Illinois is on an upward trajectory. The next significant spikes in betting activity are likely to be when the results of February are posted, as the Super Bowl, the country’s single biggest betting event, concludes.
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